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WAGE: A factor payment to the owner of labor for using labor services in the production of goods and services. Wages are included in the National Income and Product Accounts maintained by the Bureau of Economic Analysis under the official title compensation of employees. Wages is the largest of the four factor payments, accounting for about 70% of the income earned by the household sector. The other factors of production (and their corresponding resource) are: interest (capital), rent (land), and profit (entrepreneurship).
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Lesson 18: Banking | Unit 1: What It Is
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Page: 1 of 24
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The primary profit-motivating task of a bank is to match up borrowers and savers. Two main functions: - First: Banks maintain deposits for costumers.
- Second: Banks offer loans to credit-worthy customers.
Banks and the money supply: - Banks are financial intermediaries.
- Banks must remain stable because their deposits are part of the economy's money supply.
- Closing down a bank would be detrimental to the money supply.
Regulation: - Banks are heavily regulated by government.
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MARGINAL REVENUE CURVE A curve that graphically represents the relation between the marginal revenue received by a firm for selling its output and the quantity of output sold. A firm maximizes profit by producing the quantity of output found at the intersection of the marginal revenue curve and marginal cost curve. The marginal revenue curve for a firm with no market control is horizontal. The marginal revenue curve for a firm with market control is negatively sloped and lies below the average revenue curve.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time searching the newspaper want ads trying to buy either arch supports for your shoes or an AC adapter that works with your MPG player. Be on the lookout for vindictive digital clocks with revenge on their minds.
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This isn't me! What am I?
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More money is spent on gardening than on any other hobby.
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"Courage is the ladder on which all the other virtues mount." -- Claire Boothe Luce, diplomat, writer
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ALAC
Latin American Free Trade Area
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